Board Chairman Seymour
Gussack (L) and President
ON MONDAY, APRIL 12, 1999 "ENTREPRENEURS ONLY", a television program that airs on CNN-Financial News Channel, featured a story on General Bearing Corporation, with Board Chairman, Seymour Gussack and President, David Gussack.
The show, produced by John Dobosz, centered on "Doing Business in China" and provided a broad understanding of GBC's accomplishments and success as one of the first U.S. companies to develop manufacturing and sourcing in China. The story described General Bearing's unique business philosophies and practices that enabled us to establish these ground-breaking overseas business partnerships. With three joint venture facilities, David Gussack pointed out that the advantage of producing and sourcing in China is enhanced for General Bearing by our years of experience. The GBC quality centers in both China and New York have fine-tuned their systems, policies, and communications through the many years of practice.
During the show, both David and Seymour Gussack expressed the importance of getting to know and understand the people they work with overseas. They spoke about the substantial amount of time invested in cultivating relationships with the Chinese Government and joint venture partners. It was explained that part of General Bearing's winning formula for successful participation in these joint ventures was GBC's contribution of machinery and management expertise in exchange for minority ownership and veto power on the board of directors.
The show also touched on the fact that until recently, the joint ventures did not sell to the Chinese domestic market. David Gussack explained why: "They were not created to be a source of income. The joint ventures were established as a controlled source of product with good quality consistency for shipment to General Bearing in the U.S." Now Shanghai Volkswagen and other Chinese bearing users have looked to these joint ventures as a possiblsupplier. David continued, "By not selling to the Chinese domestic market for the first 7-8 years, it allowed the joint ventures to become a part of the local scenery. They are no longer viewed as a new or foreign venture and that's what will make it easier to gain entry in the Chinese domestic market."
In summary, the show was truly a testament to GBC's commitment to its leading role as a high-quality, competitive, international bearing manufacturer.